Previously a forbidden plant, scientific discoveries and insatiable demand are increasingly shooting cannabis into a prime position on the global economic scale. With a global market estimated at $20.5bn in 2020 and projected to reach $90.4bn by 2026, more countries are strategising to take advantage of the booming industrial hemp industry.
The use of cannabis for any purpose remains illegal in Nigeria as the National Drug Law Enforcement Agency leads a sustained crackdown on drug users, peddlers and hemp farmers across the country. The projections, according to the Bureau of Economic Analysis, compared to the GDPs of two states in the US – Idaho and West Virginia combined – pegged at about $77bn in 2018 and were more than the GDPs of nine states, including Delaware, Alaska, North and South Dakota.
Amid the novel economic impact of the COVID-19 pandemic, economists have maintained that industrial production of cannabis for medical use could provide new sources of revenue for countries, particularly developing nations seeking to recover from the financial crisis worsened by the pandemic. The plan also involves increasing investment in cannabis industry research, supporting indigenous dagga growers in the cannabis value chain, as well as supporting manufacturing and product development. It also stressed on the signing of the Cannabis for Private Purposes Bill into law by 2023.reported that South African Government’s master plan aimed at harnessing a 28bn rand cannabis industry to create as many as 25,000 jobs and help attract foreign investment.
We our government go open eye for this country, Na wah 🤦🏻
Funny story it's the very rich and friends of politicians who will profit more from this, I know cultivating this needs licence ,they won't issue it to common man Also sowore saw this ,campaigned with it but we stupidly voted buhari This prolly takes ndlea's abusive job too